The latest update in the South Indian Bank has shown a strong mechanism regarding customer complaints handling and cyber security. This centralized complaint management system of their Bank enables the channeling of the complaints effectively through various departments, clearly with an escalation to Nodal and Principal Nodal Officers in case the responses are not satisfactory. The Internal Ombudsman Scheme, 2021, lays down that no complaint is rejected without the concurrence of the Internal Ombudsman. As above, the Bank has a higher TAT of 90 days for handling fraud-related complaints, which speaks about the complexity of such cases.
On the cyber security front, the Bank is guided by a comprehensive framework to secure data privacy and handle cyber threats. It has a Board-approved Cyber Security Policy and an Information System Security Policy. These policies create guidelines which shall protect information systems against such threats, and at the same time, enable the proactive management of cyber threats. The Bank also has a Cyber Crisis Management Plan to assist in mitigating the risk of a cyber incident. Its IT departments and the CISO Office are ISO 27001 certified, thus following information security management.
The Bank has implemented various monitoring tools that identify and remediate security incidents on a real-time basis. It also has an internal web portal keeping employees updated with current security threats and best practices. The Bank, on the other hand, runs constant cyber security awareness campaigns for customers through various channels such as SMS, e-mail, and social media. In line with the above initiative, the Bank observes Cyber Jagrookta Diwas on the first Wednesday of every month.
The Bank advocates transparency and accountability on data breaches. The extent of data breaches, the percentage involving personally identifiable information, and their impacts have not been specified; however, the Bank’s protocols suggest a high level of vigilance and response.
It also makes information related to products available and very accessible. Product information, including the interest rates, is available on the website of the Bank, on social media platforms, as well as at the bank branches. Indeed, this is in conformity with the norms of regulatory disclosures prescribed by the Reserve Bank of India. Consumer education regarding safe and responsible usage of products is also carried out by the Bank through various channels, including email, SMS, and financial literacy camps.
The Bank, in case of any disruptions to its essential services, communicates updates on the website and through direct notifications to customers, thus keeping them aware and prepared.
Sources: South Indian Bank’s official website and published policies.